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multifamily housing facility for occupancy by persons with Alzheimer's diagnosis located at 2945 Lincoln Drive in the City (the "Improvements II) ; and WHEREAS, the City proposes to finance (a) the advance refunding of the Prior Bonds and (b) the Improvements by the issuance of its $27,000,000 Housing Facilities Revenue Refunding Bonds (College Properties, Inc. Project) Series 1998 under the Act pursuant to this Resolution; and WHEREAS, the City has prepared a housing program for the Improvements under the Act and the use of revenue bonds therefor; and WHEREAS, the City has submitted the housing program for the Improvements to the Metropolitan Council for revievl and comment as required by the Act; and WHEREAS, the City conducted a public hearing on the propos2.1 of the Company that the City undertake the advance refunding and finance the Improvements by the issuance of the Bonds, at 6:30 p.m. on May 26, 1998, for which hearing the City published advance notice and at which hearing all persons who appeared or submitted comments were given an opportunity to express their views with respect to the Project and the Bonds; and WHEREAS, the Bonds will be issued under an Indenture of Trust (the II Indenturell) , dated as of June 1, 1998 between the City and u.S. Bank Trust National Association (the IITrusteell) and the Bonds will be secured by the Indenture payable from a pledge and assignment of certain Project (as defined in the Indenture) revenues set forth under the Indenture, all in accordance with the terms of the Indenture; and the Bonds and the interest on the Bonds shall be payable solely from the revenues pledged therefor and the Bonds shall not constitute a debt of the City within the meaning of any constitutional or statutory limitation, nor shall the Bonds constitute nor give rise to a pecuniary liability of the City or a charge against the credit or taxing powers and shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the City other than the City's interest in the Project; and WHEREAS, proceeds of the Bonds will be loaned to the Company pursuant to a Loan Agreement dated as of June 1, 1998 by and between the City and the Company (the IILoan Agreementll) and the loan repayments thereunder and the Bonds will be secured by a Mortgage, Security Agreement and Fixture Financing Statement dated as of June 1, 1998 from the Company to the City and assigned to the Trustee (the IIMortgagell) and by an Assignment of Leases and Rents dated as of June 1, 1998 from the Company to the City and assigned to the Trustee (the IIAssignmentll); 940544.1 2